Innovative business ideas feed an entrepreneurial fire, making the creation of new products and services possible and eventually leading to business growth.
Breakthrough business ideas are not an exact science; there are steps you can take to cultivate the process.
Recommended for You
7 Questions You Must Answer Before Starting a Business
Change your routine
Michael F. O’Keefe, a business consulting firm, says that one of the best ways to get inspired is to get yourself out of your daily routine. “When I’m in the office, and every day I work on the same projects and talk to the same people, the work becomes monotonous, and I switch to automatic mode, and I managed to formulate my best ideas when I was away from home and out of the office.
Ask guiding questions
Ken Mol, the founder of Blue Elevator, a business consulting firm, said that ideas from both games should be encouraged by asking yourself questions that will lead to more questions and of course will eventually yield answers. Questions of “what if” are especially useful.
Mark A. Prince, a co-founder of a business consulting firm, argues that challenging questions is especially helpful. For example, what if your supplier raises the prices of the products you buy? Can you find a replacement product? These questions help because they drive the emergency plans that often lead to innovation.
Examine the market
One of the best areas to search for innovative ideas is right in front of you. Dave Santan, the founder of Local Monster, a company that shows small businesses how to generate more traffic to their website and how to converts traffic to new deals, says it gets its inspiration from industry information.
“I tried to innovate and refine ideas that are already working, and then I used the trends and needs of my customers to invent my product, and most of my thoughts are not original, but I always tried them, and I have a different perspective on the ideas that are already working.”
In the same breath, Gerrard also suggests testing the competitors’ failed ideas. “Sometimes, the original ideas or inspirations come from the failures of your competitors.” They may have almost reached success. So when they fail, ask yourself why it happened? The correct answer can come to you right away while they are still trying to collect the pieces.
Listen to your customers
Sometimes a good idea comes from a client who needs a particular service or product. Scott L. Gerard of a business consulting firm says that the eyes and ears must be kept open. According to the old saying, you have two ears and one mouth for a reason, so you can listen twice as much as you do. You need to ask questions all the time, but what’s more important is to listen to the answers. Feedback can be an excellent source of ideas and inspiration.
Get a new perspective in business ideas
O’Keefe reports that he and his partners raise their best ideas together and argues that taking ideas from other ventures can also work. Sharing ideas, even between business owners from other industries, will expand your boundaries and lead to innovation.
Moll says consulting with a business consultant can help you experience a breakthrough. It’s hard to see yourself without guidance. An external expert can lead the process and help you discover your unique value and what will resonate best in the market.
Do not try to find ideas by force
O’Keefe says that in the Internet age, the immediate results are often predictable, but creativity should not be accelerated.
“The best strategy for finding new business ideas is that there should be no plan for new ideas, some of the best ideas in the human story come from epiphanies.”
O’Keefe recommends brainstorming, but not dictate a timetable for innovation. “If you get stuck, relax, run, walk, drive, or just walk away from your desk when you get back to work with a clean head, you’ll have a better chance of finding inspiration.”